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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, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- The University of Queensland
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
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