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