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