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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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- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
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