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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Heidelberg Cement - Germany
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