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