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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Bhatia International Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Planning Commission, India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
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