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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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Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
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