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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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- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
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