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