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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- White Energy Company Limited
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- The University of Queensland
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
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