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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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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Australian Coal Association
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
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