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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, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Economic Council, Georgia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- CNBM International Corporation - China
- The University of Queensland
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
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