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