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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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
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- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
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