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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
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