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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- The University of Queensland
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
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