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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.
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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Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
Thursday, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
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- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
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