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