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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- White Energy Company Limited
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
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