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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- The University of Queensland
- Deloitte Consulting - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
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