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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
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