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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Parliament of New Zealand
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
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