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