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Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
 Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels were noticed back in February 2021.
BDI started to deflate after reaching the highest level since 2008 during the first week of October 2021. An uptick in the index was observed during the first week of December, but the downward trend resumed thereafter and was exacerbated after the world’s largest thermal coal exporter, Indonesia imposed a coal export ban on the first day of the new year for the month of January. The index dropped to 1,644 today, representing a -71% decrease to the Q4 peak, dropping below the levels seen during the 2nd half of January 2021, mainly due to underperformance of the Capesize market.
In detail, starting from the Handysize index (BHSI) and comparing January 2022 to January 2021, we stand at higher levels with the index at 1,162 points as of today, +78% y-o-y. The Supramax index also stands +68% above last year’s levels currently at 1,840, while the Panamax index stands +37% above last year at 2,223. Lastly, the BCI is the only index currently performing lower compared to last year, settling today at 1,316 -54% below the same period last year.
This is the seasonally low quarter for the dry bulk market, during which Capesize exhibits the lowest relative performance due to its big dependence on iron ore flows, which are underperform during this time of year. An increase in vessels’ supply in the Pacific due to the Indonesian coal export ban has cannibalized earnings in the basin for all sizes, with the largest hit the most due to underperforming iron ore flows to which it largely depends. However, our lead analyst views current market conditions as a buying opportunity for the sector, which is expected to resume its upward trend during the second quarter of this year, with the geared segment likely to outperform during 1H 2022.
For the time being, with the Chinese New Year in less than two weeks from now and the Winter Olympics following, one could say that shipowners are temporizing their movements until the market shows its real potential, hence the number of deals in the dry SnP side is limited these days. YTD 2022 we have observed approx. 16 deals, and although we are halfway through the month, the trend lags by approx. 4 times the deals observed during full January 2021, when the market had shown signs of a countercyclical freight increase emerging, which finally led to a quarter that had defied seasonality.
By Mohamed Rabie,
Research Analyst
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, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
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Showing 26 to 30 news of total 6846 |
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- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
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