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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
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