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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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
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- VISA Power Limited - India
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- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- The University of Queensland
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
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- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
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- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
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- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
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- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
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