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