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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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Parliament of New Zealand
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
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