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