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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
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