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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
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