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