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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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Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
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