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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, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
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- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
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