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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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Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
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