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