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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
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