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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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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
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Monday, 12 April 21
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Monday, 12 April 21
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Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Parliament of New Zealand
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- The University of Queensland
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
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