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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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- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
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