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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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- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
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