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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, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
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- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
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