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