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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
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