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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Posco Energy - South Korea
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
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