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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.
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Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
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