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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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