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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
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