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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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Monday, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
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- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
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