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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
 "2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbreak leading to lock-downs around the world, the continuation of the trade war between US and China, China's coal ban from Australia, were just a few of them. On the other hand, 2020 also brought record stimulus packages globally, trillions of US Dollars, Euros and Renminbis that were thrown into the race to fight the recession that the corona-virus would bring otherwise. The shipowners and the shipping industry as a whole quickly adapted to the new standards and made the best out of the situation in the second half of last year. Furthermore, the stimulus combined with the newly emerged spending and consuming patterns and of course the COVID-19 vaccination programs around the globe are leading the way back to normality.
The dry bulk market entered 2021 on a high note supported by the broader inflection in commodity prices and increased congestion at discharging ports in China. China’s domestic thermal coal prices hit new record highs, while coal imports from all countries surged to record levels in December, lifting the annual total to its highest since 2013. In past years, Australia has been the country’s second-biggest supplier after Indonesia but the ban on Australian coal - keeping not less than 70 vessels stranded with coal outside China - has been particularly supportive for Panamax, Supramax, and Handysize bulkers, further aided by the rising coastal coal trade in China and alternative to Australia coal origins. Imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, while high utilisation at domestic suppliers is expected to soften high local prices just as colder than average temperatures fade and domestic coal output normalizes.
Another factor to support Panamax and Supramax freight in 2021 is corn and soybean trade. Corn prices have hit multi-year highs on strong demand from China, which has been sourcing increasingly from the US in the context of the Phase 1 trade deal, while production prospects of major suppliers such as Ukraine and Argentina look weaker. US corn futures, a global benchmark, were trading 60% higher from a 10-year low seen in April 2020. The US, the world's largest corn exporter, has seen its 2020-21 total commitments reaching record highs as buyers, again with China leading, rush to secure supplies amid tightening global corn stocks. What is more, Brazil soybean production for 2021 is projected at record high levels, pointing to another strong ECSA export season.
On the supply side, the firm orderbook is currently at a new record low of 5.8% of the fleet (down from approx.10.0% during the same period last year) at 53.4 million dwt or just over 600 vessels, while dry bulk scrap prices surged during the first month of the year, following the broader trend in steel and iron ore prices.
2020 did not offer the best conditions or stability needed for dry new buildings and as such there has been little order replenishment of bulk carriers in 2020 so the orderbook is today smaller than what it was a year ago by about 200 vessels. More specifically, in the new building orderbook out of the about 440 vessels scheduled to be delivered in 2021 only about 350 may actually be delivered assuming a 20% slippage, while there are around 375 trading vessels which are 25 years old or more and thus make candidates for demolition over the next two years. As a result, we project dry bulk fleet to grow by substantially less than 1.5%-2.0% in the next couple of years."
By Theodore Ntalakos,
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, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- The University of Queensland
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