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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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Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
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