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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
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