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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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Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
Saturday, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
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- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- The University of Queensland
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
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