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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
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