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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
 The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a decade. As a result, vessels’ values have improved substantially, whilst demolition activity has stalled over the past two months. Older ships are attracting a lot of SnP interest at levels substantially above their scrap values. On top of this, the dry bulk orderbook continues to hover at low levels, as yards’ slots are filled with orders on other more profitable sectors, namely containers.
China has been the primary driving force behind the market improvement, as steel production has been running at record high levels, while demand for grains has accelerated owing to the better trade relationships with USA and the pig herd recovery from African Swine Fever which previously had a substantial impact in the specific trade.
What is more, commodities demand from the rest of the world is accelerating and intensifying trade inefficiencies in favor of dry bulk trade i.e. international steel prices are at record high levels, West-East steel price arbitrages, industrial output growth globally driving demand for iron ore and coking coal and a projected above average hot summer is seeing Europe and Asia competing for thermal coal. Minor bulks demand is also upbeat and sustains the upward freight trend for the geared dry bulk segment. The commodities price rally is in the meantime incentivizing more production and exports by miners, in order to take advantage of high prices, thus market players expect seaborne volumes to increase further in the coming months.
Increased trade has resulted in port congestion mounting to multi year highs; Port congestion in the Pacific is also supporting the supply side in the short term mainly in the Panamax sector whilst it is expected to have a positive impact on Capesize as well.
The freight market picture has been positively reflected into asset values. It is not though that the larger sizes have shadowed the geared ships, as in comparison geared vessels and Panamax in sequence have so far performed better in proportion to their value than a Capesize. Nonetheless, current FFA levels are supporting a further improvement in the spot market for Capesize during the second half of the year. If the spot market catches up pace with period earnings suggested by FFA levels as market participants anticipate, we should expect SnP interest to increase in the next quarters for the largest size and asset values to appreciate in tandem.
By Vasilis Moiris,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
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