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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Australian Coal Association
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
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