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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
 "2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbreak leading to lock-downs around the world, the continuation of the trade war between US and China, China's coal ban from Australia, were just a few of them. On the other hand, 2020 also brought record stimulus packages globally, trillions of US Dollars, Euros and Renminbis that were thrown into the race to fight the recession that the corona-virus would bring otherwise. The shipowners and the shipping industry as a whole quickly adapted to the new standards and made the best out of the situation in the second half of last year. Furthermore, the stimulus combined with the newly emerged spending and consuming patterns and of course the COVID-19 vaccination programs around the globe are leading the way back to normality.
The dry bulk market entered 2021 on a high note supported by the broader inflection in commodity prices and increased congestion at discharging ports in China. China’s domestic thermal coal prices hit new record highs, while coal imports from all countries surged to record levels in December, lifting the annual total to its highest since 2013. In past years, Australia has been the country’s second-biggest supplier after Indonesia but the ban on Australian coal - keeping not less than 70 vessels stranded with coal outside China - has been particularly supportive for Panamax, Supramax, and Handysize bulkers, further aided by the rising coastal coal trade in China and alternative to Australia coal origins. Imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, while high utilisation at domestic suppliers is expected to soften high local prices just as colder than average temperatures fade and domestic coal output normalizes.
Another factor to support Panamax and Supramax freight in 2021 is corn and soybean trade. Corn prices have hit multi-year highs on strong demand from China, which has been sourcing increasingly from the US in the context of the Phase 1 trade deal, while production prospects of major suppliers such as Ukraine and Argentina look weaker. US corn futures, a global benchmark, were trading 60% higher from a 10-year low seen in April 2020. The US, the world's largest corn exporter, has seen its 2020-21 total commitments reaching record highs as buyers, again with China leading, rush to secure supplies amid tightening global corn stocks. What is more, Brazil soybean production for 2021 is projected at record high levels, pointing to another strong ECSA export season.
On the supply side, the firm orderbook is currently at a new record low of 5.8% of the fleet (down from approx.10.0% during the same period last year) at 53.4 million dwt or just over 600 vessels, while dry bulk scrap prices surged during the first month of the year, following the broader trend in steel and iron ore prices.
2020 did not offer the best conditions or stability needed for dry new buildings and as such there has been little order replenishment of bulk carriers in 2020 so the orderbook is today smaller than what it was a year ago by about 200 vessels. More specifically, in the new building orderbook out of the about 440 vessels scheduled to be delivered in 2021 only about 350 may actually be delivered assuming a 20% slippage, while there are around 375 trading vessels which are 25 years old or more and thus make candidates for demolition over the next two years. As a result, we project dry bulk fleet to grow by substantially less than 1.5%-2.0% in the next couple of years."
By Theodore Ntalakos,
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
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