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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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Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
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- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
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