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