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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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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
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