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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, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
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- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
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