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