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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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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
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- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Interocean Group of Companies - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
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