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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.
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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
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