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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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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Grasim Industreis Ltd - India
- The University of Queensland
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
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