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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
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