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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, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Minerals Council of Australia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
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