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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Planning Commission, India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
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