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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
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