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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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- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
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