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