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