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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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- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Australian Coal Association
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
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