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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, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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