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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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Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
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- Coal and Oil Company - UAE
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- CNBM International Corporation - China
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- MS Steel International - UAE
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- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
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- Power Finance Corporation Ltd., India
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- The State Trading Corporation of India Ltd
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- Metalloyd Limited - United Kingdom
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- Larsen & Toubro Limited - India
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- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
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- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
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- Barasentosa Lestari - Indonesia
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- Commonwealth Bank - Australia
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- The Treasury - Australian Government
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- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
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- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Central Electricity Authority - India
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