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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- VISA Power Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
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