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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, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
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