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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.
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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- PTC India Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Australian Coal Association
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
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