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