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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.
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, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
Thursday, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
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- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
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