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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- PTC India Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
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