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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- The University of Queensland
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
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