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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
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