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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Deloitte Consulting - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
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