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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Minerals Council of Australia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
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