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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, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- India Bulls Power Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
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