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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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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- The University of Queensland
- Thai Mozambique Logistica
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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