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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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Parliament of New Zealand
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- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
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- Altura Mining Limited, Indonesia
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- Samtan Co., Ltd - South Korea
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- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
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- Romanian Commodities Exchange
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- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
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- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
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- Georgia Ports Authority, United States
- CNBM International Corporation - China
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- Singapore Mercantile Exchange
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- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
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- Eastern Coal Council - USA
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- Antam Resourcindo - Indonesia
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- The Treasury - Australian Government
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- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
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- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Minerals Council of Australia
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- Indika Energy - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
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- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
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- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Power Finance Corporation Ltd., India
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- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- MS Steel International - UAE
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- Attock Cement Pakistan Limited
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- Ministry of Finance - Indonesia
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