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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
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