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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, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Agrawal Coal Company - India
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