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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- VISA Power Limited - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
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