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