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Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
 Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels were noticed back in February 2021.
BDI started to deflate after reaching the highest level since 2008 during the first week of October 2021. An uptick in the index was observed during the first week of December, but the downward trend resumed thereafter and was exacerbated after the world’s largest thermal coal exporter, Indonesia imposed a coal export ban on the first day of the new year for the month of January. The index dropped to 1,644 today, representing a -71% decrease to the Q4 peak, dropping below the levels seen during the 2nd half of January 2021, mainly due to underperformance of the Capesize market.
In detail, starting from the Handysize index (BHSI) and comparing January 2022 to January 2021, we stand at higher levels with the index at 1,162 points as of today, +78% y-o-y. The Supramax index also stands +68% above last year’s levels currently at 1,840, while the Panamax index stands +37% above last year at 2,223. Lastly, the BCI is the only index currently performing lower compared to last year, settling today at 1,316 -54% below the same period last year.
This is the seasonally low quarter for the dry bulk market, during which Capesize exhibits the lowest relative performance due to its big dependence on iron ore flows, which are underperform during this time of year. An increase in vessels’ supply in the Pacific due to the Indonesian coal export ban has cannibalized earnings in the basin for all sizes, with the largest hit the most due to underperforming iron ore flows to which it largely depends. However, our lead analyst views current market conditions as a buying opportunity for the sector, which is expected to resume its upward trend during the second quarter of this year, with the geared segment likely to outperform during 1H 2022.
For the time being, with the Chinese New Year in less than two weeks from now and the Winter Olympics following, one could say that shipowners are temporizing their movements until the market shows its real potential, hence the number of deals in the dry SnP side is limited these days. YTD 2022 we have observed approx. 16 deals, and although we are halfway through the month, the trend lags by approx. 4 times the deals observed during full January 2021, when the market had shown signs of a countercyclical freight increase emerging, which finally led to a quarter that had defied seasonality.
By Mohamed Rabie,
Research Analyst
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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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Showing 361 to 365 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- The University of Queensland
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
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