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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- The University of Queensland
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
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