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