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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, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- White Energy Company Limited
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
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