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