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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, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Coal and Oil Company - UAE
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- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
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- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
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- Salva Resources Pvt Ltd - India
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- Orica Mining Services - Indonesia
- Deloitte Consulting - India
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- IHS Mccloskey Coal Group - USA
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- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
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- LBH Netherlands Bv - Netherlands
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- White Energy Company Limited
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- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
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- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
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- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
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- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
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- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
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- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
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- Timah Investasi Mineral - Indoneisa
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- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
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