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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, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- White Energy Company Limited
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- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
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- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
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- Global Business Power Corporation, Philippines
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- Australian Coal Association
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- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
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- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
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- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
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- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
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- Meralco Power Generation, Philippines
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- PowerSource Philippines DevCo
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