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