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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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Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
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