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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- PTC India Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
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