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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, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
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- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
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