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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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Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
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- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
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