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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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Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
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