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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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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
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