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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
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