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