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