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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
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