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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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Friday, 19 January 24
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Monday, 08 January 24
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Monday, 08 January 24
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Friday, 05 January 24
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Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
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- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Planning Commission, India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
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