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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
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