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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, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
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