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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
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