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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
 The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a decade. As a result, vessels’ values have improved substantially, whilst demolition activity has stalled over the past two months. Older ships are attracting a lot of SnP interest at levels substantially above their scrap values. On top of this, the dry bulk orderbook continues to hover at low levels, as yards’ slots are filled with orders on other more profitable sectors, namely containers.
China has been the primary driving force behind the market improvement, as steel production has been running at record high levels, while demand for grains has accelerated owing to the better trade relationships with USA and the pig herd recovery from African Swine Fever which previously had a substantial impact in the specific trade.
What is more, commodities demand from the rest of the world is accelerating and intensifying trade inefficiencies in favor of dry bulk trade i.e. international steel prices are at record high levels, West-East steel price arbitrages, industrial output growth globally driving demand for iron ore and coking coal and a projected above average hot summer is seeing Europe and Asia competing for thermal coal. Minor bulks demand is also upbeat and sustains the upward freight trend for the geared dry bulk segment. The commodities price rally is in the meantime incentivizing more production and exports by miners, in order to take advantage of high prices, thus market players expect seaborne volumes to increase further in the coming months.
Increased trade has resulted in port congestion mounting to multi year highs; Port congestion in the Pacific is also supporting the supply side in the short term mainly in the Panamax sector whilst it is expected to have a positive impact on Capesize as well.
The freight market picture has been positively reflected into asset values. It is not though that the larger sizes have shadowed the geared ships, as in comparison geared vessels and Panamax in sequence have so far performed better in proportion to their value than a Capesize. Nonetheless, current FFA levels are supporting a further improvement in the spot market for Capesize during the second half of the year. If the spot market catches up pace with period earnings suggested by FFA levels as market participants anticipate, we should expect SnP interest to increase in the next quarters for the largest size and asset values to appreciate in tandem.
By Vasilis Moiris,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
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