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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, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 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 ...
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- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
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