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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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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- MS Steel International - UAE
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
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