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