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