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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, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Planning Commission, India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
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