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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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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- The University of Queensland
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
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