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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- PTC India Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
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