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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
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