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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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Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
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 ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Australian Coal Association
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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