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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
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