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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Australian Coal Association
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
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