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