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Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
 While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even speculate that 2021 will be a better year, even if the bar is set too low given to “what went down” last year.
The reality is that positive signs especially for the dry bulk market were seen as early as last summer when the market was slowly showing signs of better days to come. It took some time for shipowners to assimilate the possibility that we are heading towards better days - and nobody can blame them for being sceptical - but the increase on second hand transactions is the most obvious vote of confidence.
If we make a comparison between the number of transactions that materialized during the second half of 2019 and 2020, it is clear that despite the market challenges and uncertainty, investors' confidence remained strong during 2H2020 with second hand deals being up by 18% compared to last year transactions with the most notable acceleration taking place during December.
Of course, this is not the first time that the dry bulk transactions have experienced increased activity. What makes this period different compared to the previous time in my opinion is that it's not only sentiment driven.
Dry Bulk commodity prices have recently experienced an inflection to multi-year highs, amid increased demand after the market got used to a COVID-19 reality. The weather played its part with record low temperatures which favoured coal demand but also created congestion at discharging ports, on top of China’s coal import restrictions from Australia.
Adding to this mix the fact that we expect fleet growth to remain subdued in the next 2 years, it does not take much for the demand - supply balance to improve.
So now we have a perfect storm and this time the storm is working for the market’s favor. It has been a while since the last time this has happened.
It's normal to expect that eventually new building contracting activity will increase but this will only start taking place once second hand values reach levels that are not sustainable. For now, second hand vessels make sense, and let's hope that owners will not rush to NBs as they have done in the past.
Not leaving sentiment out of the equation, we could also speculate that the positive effect expected by the Regional Comprehensive Economic Partnership which is expected to largely influence the container market will rub off to the dry market as well.
Overall, things are looking up and if the order book stays in check the market will do more than just ok in the years to come.
By Timos Papadimitriou,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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 ...
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- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Economic Council, Georgia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
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