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