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