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