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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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- The University of Queensland
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- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
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