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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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
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