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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, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- The University of Queensland
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
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