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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, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
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