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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
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