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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
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