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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.
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Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
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- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Australian Coal Association
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
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