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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- The University of Queensland
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
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