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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
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