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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 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
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