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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.
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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Parliament of New Zealand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
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