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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
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