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