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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
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