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