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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.
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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
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