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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- The University of Queensland
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
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