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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- MS Steel International - UAE
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Planning Commission, India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
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