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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
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