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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Planning Commission, India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
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