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