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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- London Commodity Brokers - England
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
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