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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.
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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
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