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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
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