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