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