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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
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