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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
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