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