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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
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