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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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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- The University of Queensland
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
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