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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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Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
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