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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, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
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