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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Planning Commission, India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- The University of Queensland
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
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