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