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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
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