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