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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- The University of Queensland
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
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