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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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Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
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- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- The Treasury - Australian Government
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
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