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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
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