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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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Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
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