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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Marubeni Corporation - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
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