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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
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