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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
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