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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, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
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- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
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