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