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