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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Planning Commission, India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
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