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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
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