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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, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- The University of Queensland
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
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