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