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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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
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