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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
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