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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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Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Planning Commission, India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
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