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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, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Planning Commission, India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
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