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Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
 Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings hovering at the bottom of the cycle according to analysts’ consensus, as the oil and products inventories destocking cycle is coming to an end.
Tankers Sale & Purchase transactions in number of vessels have underperformed those in dry and containers, however asset values have appreciated regardless, as expectations for a recovery tracking oil demand growth and elevated steel prices have disconnected asset values from the freight market. We expect the trend to continue in the coming months, with further asset value appreciation particularly if a market recovery takes place before the end of the year. Last but not least, over the past two months, we observe tanker deals to be concentrated on the products tonnage, with MRs attracting increased interest.
Below we present a brief overview of the S&P transactions that took place since Q2 2021 up to late July 2021.
During April 2021, more than 50 deals took place in the Tanker sector. Aframax tankers contributed close to 36% of the total deals whilst around half of them were in the 5-year-old mark up to resale. MR Tankers (including Handysize vessels) were responsible for an around 23% of the entire deal landscape whilst VLCCs hold a slightly bigger proportion; most of them in both segments were older than 10-year-old. Finally, Panamax and Suezmax vessels were the less preferable holding less than 15% of the recorded deals.
During May 2021, transactions decreased by at least 50% compared to April 2021. The deals were equally distributed across all segments with circa 5 vessels corresponding to each one. It should be noted that most of the vessels that changed hands were older than 10 years.
In June 2021, we witnessed a further reduction in the number of transactions by an additional 50% comparing to May 2021 with slightly more than 10 deals taking place; half of the vessels that changed hands were MR tankers.
During July 2021, contrary to the past couple of months, transactions increased close to the number that was recorded the fifth month of the year. The deals were congregated in the MR, Aframax and VLCC segment with a rather equal number of vessels to each one whilst Panamax and Suezmax vessels were again the less preferable.
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- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Planning Commission, India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
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