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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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Thursday, 11 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 ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Australian Coal Association
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
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