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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
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