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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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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
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