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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
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