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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, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
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