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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.
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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
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