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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
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