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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
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