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