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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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- Price Waterhouse Coopers - Russia
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- Planning Commission, India
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- LBH Netherlands Bv - Netherlands
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- Energy Link Ltd, New Zealand
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- VISA Power Limited - India
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- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
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- Orica Australia Pty. Ltd.
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- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
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- Wood Mackenzie - Singapore
- White Energy Company Limited
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- Economic Council, Georgia
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- Metalloyd Limited - United Kingdom
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- GN Power Mariveles Coal Plant, Philippines
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- Binh Thuan Hamico - Vietnam
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- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
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- Xindia Steels Limited - India
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- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
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- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Parliament of New Zealand
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- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
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- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
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- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
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- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
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- SMC Global Power, Philippines
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- Power Finance Corporation Ltd., India
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- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
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- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
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- Rio Tinto Coal - Australia
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- The Treasury - Australian Government
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
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- The University of Queensland
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- Mintek Dendrill Indonesia
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- Lanco Infratech Ltd - India
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- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
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- Aditya Birla Group - India
- Heidelberg Cement - Germany
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- Posco Energy - South Korea
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
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- Miang Besar Coal Terminal - Indonesia
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- The State Trading Corporation of India Ltd
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
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- Eastern Energy - Thailand
- Ministry of Transport, Egypt
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- Star Paper Mills Limited - India
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