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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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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
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