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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
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