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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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Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- The University of Queensland
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
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