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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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- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
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