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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
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