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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, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
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