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