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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Planning Commission, India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
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