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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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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
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- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Australian Coal Association
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
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