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