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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Planning Commission, India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
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