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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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Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
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- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
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