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