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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, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
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