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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, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
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- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- The University of Queensland
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
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