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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, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
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