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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
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