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