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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- VISA Power Limited - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
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