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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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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- White Energy Company Limited
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- MS Steel International - UAE
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
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