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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- The Treasury - Australian Government
- Ministry of Transport, Egypt
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- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- The University of Queensland
- Independent Power Producers Association of India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
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