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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
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