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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Planning Commission, India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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