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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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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Renaissance Capital - South Africa
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
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