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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- PTC India Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
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