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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
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