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Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
 While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even speculate that 2021 will be a better year, even if the bar is set too low given to “what went down” last year.
The reality is that positive signs especially for the dry bulk market were seen as early as last summer when the market was slowly showing signs of better days to come. It took some time for shipowners to assimilate the possibility that we are heading towards better days - and nobody can blame them for being sceptical - but the increase on second hand transactions is the most obvious vote of confidence.
If we make a comparison between the number of transactions that materialized during the second half of 2019 and 2020, it is clear that despite the market challenges and uncertainty, investors' confidence remained strong during 2H2020 with second hand deals being up by 18% compared to last year transactions with the most notable acceleration taking place during December.
Of course, this is not the first time that the dry bulk transactions have experienced increased activity. What makes this period different compared to the previous time in my opinion is that it's not only sentiment driven.
Dry Bulk commodity prices have recently experienced an inflection to multi-year highs, amid increased demand after the market got used to a COVID-19 reality. The weather played its part with record low temperatures which favoured coal demand but also created congestion at discharging ports, on top of China’s coal import restrictions from Australia.
Adding to this mix the fact that we expect fleet growth to remain subdued in the next 2 years, it does not take much for the demand - supply balance to improve.
So now we have a perfect storm and this time the storm is working for the market’s favor. It has been a while since the last time this has happened.
It's normal to expect that eventually new building contracting activity will increase but this will only start taking place once second hand values reach levels that are not sustainable. For now, second hand vessels make sense, and let's hope that owners will not rush to NBs as they have done in the past.
Not leaving sentiment out of the equation, we could also speculate that the positive effect expected by the Regional Comprehensive Economic Partnership which is expected to largely influence the container market will rub off to the dry market as well.
Overall, things are looking up and if the order book stays in check the market will do more than just ok in the years to come.
By Timos Papadimitriou,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Petron Corporation, Philippines
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