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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- The University of Queensland
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
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