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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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Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
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