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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, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- The University of Queensland
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
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