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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Deloitte Consulting - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- White Energy Company Limited
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Planning Commission, India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
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