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