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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
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