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Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
 The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong market, very few anticipated the levels we have seen to date. While both supply and demand forces have acted favorably, the rebound of dry bulk freight rates to multi year highs was primarily demand led. A synchronized record high economic stimulus across the globe, led by China, in order to prop up the economies from the COVID-19 shock was the major catalyst.
The multiplier effect in dry bulk commodities demand came in V shape and materialized into a counter seasonal freight surge to multiyear highs throughout the 1H2021. Furthermore, quarantines related to COVID-19 and elevated congestion have led to fleet inefficiencies across basins, which along with a decelerating dry bulk fleet growth have helped to further tighten the demand supply balance. On the new building front, ordering has been moderate – similar levels with 2020 – steel price surging and solid demand has led Builders to increase their prices, which refrained owners from turning to new buildings.
The global container shipping industry has also recorded a long-awaited increase in demand. An unprecedented shortage in containers amid surging demand for consumer goods since the pandemic started has sent container freight rates to record high levels. Also, port congestion and logistical disruptions exacerbated by the Suez Canal incident have contributed to the surge. With global GDP growth projections revised to 6.0% and savings rates still high, the multiplier effect on container rates should continue in the medium term. Demand will eventually normalize as consumers’ preferences shift back to services with the economies reopening, but freight rates are expected to remain elevated despite a potential gradual softening from record highs.
The turning point will be when high trade costs spill over to prices of final goods and inflation starts hitting consumers’ income. For the time being, global manufacturing PMIs stand at multi-year highs and assuming that we have reached the mid-cycle in PMIs as many analysts have signaled, there will be a lag factor in demand reaction from surging trade costs. We do observe an increase in NB activity (see graph) with orderbook now close to 17% of the fleet, which is not expected to impact the market with accelerating fleet supply growth until later in 2023.
By Theodore Ntalakos,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Australian Coal Association
- PTC India Limited - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
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