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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- The University of Queensland
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Minerals Council of Australia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
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