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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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
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