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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
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