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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
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