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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.
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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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- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Minerals Council of Australia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
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