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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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