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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, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
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