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Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
 Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interest has been driven by upbeat freight rates reaching more than decade highs, combined with assets being undervalued compared to both actual earnings and earnings expectations; Earnings and asset values expectations flared up after the counter seasonal surge in freight rates during Q1, which saw March recording the highest monthly dry SnP figure by historical standards, followed by June, when Panamax and Supramax freight rates hit the highest level since 2010. SnP monthly transactions have decelerated so far into July with the freight market correcting – albeit from multi year high levels - however asset values continue their upward trend. Since June, notable increases in values of more than 7% are observed in Cape and Kasmarmax particularly in the 5-10 Y age bracket. Below we present a short overview of the dry SnP transactions since March broken down by type of vessel.
During March 2021, total S&P transactions increased by approx. 25% compared to February 2021, reaching more than 80 deals. Slightly less than 20 Handysize vessels, marginally more than 25 Supramax/Ultramax bulkers, around 25 Panamax/Kamsarmax vessels and finally more than 10 Capesize/Newcastlemaxes changed hands back then. Supramaxes and Handysize vessels corresponded to almost half of the transactions that formed the total S&P deal landscape.
During April 2021, total SnP deals amounted to around 65, decreasing by approx. 25% vs the previous month. The decrease was driven mainly by Handysize and Supramax vessels and especially the latter that ended up accounting for around half of those committed in March 2021. As for the other segments, Kamsarmax and Capesize vessels maintained similar levels m-o-m while the Ultramax tonnage was the only one that a showed significant increase of around 50% compared to the previous month.
Moving on to May 2021, the total deals increased by around 10 in number of vessels. Handysize and Supramax deals surged by more than 50% m-o-m while the deals across all the other segments decreased significantly.
Regarding June 2021, we can argue that the number of deals did not differ significantly compared to May 2021 with Handysize, Kamsarmax, Post-Panamax and Capesize following a similar pattern m-o-m. However, Panamax and Ultramax bulkers that changed hands significantly increased tracking the freight market momentum and the number of Supramax decreased by approx. 70% m-o-m.
As far as the current month, the total transactions that have taken place so far in July amount to approx. 40. At the current pace, it looks like the full monthly figure will end up significantly below the monthly average deals recorded so far in 2021, driven mainly by Handysize and Panamax transactions slowing down. It remains to be seen, whether SnP volumes for the larger dry bulk segment will start catching up to the smaller ones, given constructive market expectations for Capesize in the next months.
By George Kallianiotis,
Valuation Department
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
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