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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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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Planning Commission, India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
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