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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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Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
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- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
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