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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
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