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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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Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
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