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