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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1411 to 1415 news of total 6846 |
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- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
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