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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.
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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- The University of Queensland
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
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