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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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Saturday, 08 May 21
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- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
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