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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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- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Planning Commission, India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
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