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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- White Energy Company Limited
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- The University of Queensland
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
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