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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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Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
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- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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