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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Australian Coal Association
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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