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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
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