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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Planning Commission, India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Semirara Mining Corp, Philippines
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