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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
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