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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Economic Council, Georgia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
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