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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, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
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