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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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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
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