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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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Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- White Energy Company Limited
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
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