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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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Sunday, 13 December 20
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- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
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