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