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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
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