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