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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, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
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