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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
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