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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Planning Commission, India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
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