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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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Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Australian Coal Association
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
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