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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Economic Council, Georgia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
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