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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
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