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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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Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
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