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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, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
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