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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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Monday, 26 October 20
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- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- VISA Power Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
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