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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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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- The University of Queensland
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
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