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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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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
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