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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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- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- The University of Queensland
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
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