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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
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