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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
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