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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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Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
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