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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
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