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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
 The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a decade. As a result, vessels’ values have improved substantially, whilst demolition activity has stalled over the past two months. Older ships are attracting a lot of SnP interest at levels substantially above their scrap values. On top of this, the dry bulk orderbook continues to hover at low levels, as yards’ slots are filled with orders on other more profitable sectors, namely containers.
China has been the primary driving force behind the market improvement, as steel production has been running at record high levels, while demand for grains has accelerated owing to the better trade relationships with USA and the pig herd recovery from African Swine Fever which previously had a substantial impact in the specific trade.
What is more, commodities demand from the rest of the world is accelerating and intensifying trade inefficiencies in favor of dry bulk trade i.e. international steel prices are at record high levels, West-East steel price arbitrages, industrial output growth globally driving demand for iron ore and coking coal and a projected above average hot summer is seeing Europe and Asia competing for thermal coal. Minor bulks demand is also upbeat and sustains the upward freight trend for the geared dry bulk segment. The commodities price rally is in the meantime incentivizing more production and exports by miners, in order to take advantage of high prices, thus market players expect seaborne volumes to increase further in the coming months.
Increased trade has resulted in port congestion mounting to multi year highs; Port congestion in the Pacific is also supporting the supply side in the short term mainly in the Panamax sector whilst it is expected to have a positive impact on Capesize as well.
The freight market picture has been positively reflected into asset values. It is not though that the larger sizes have shadowed the geared ships, as in comparison geared vessels and Panamax in sequence have so far performed better in proportion to their value than a Capesize. Nonetheless, current FFA levels are supporting a further improvement in the spot market for Capesize during the second half of the year. If the spot market catches up pace with period earnings suggested by FFA levels as market participants anticipate, we should expect SnP interest to increase in the next quarters for the largest size and asset values to appreciate in tandem.
By Vasilis Moiris,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
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EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
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Friday, 02 August 24
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The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
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- Parliament of New Zealand
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- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
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- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
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- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
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