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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
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