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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Posco Energy - South Korea
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
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