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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- White Energy Company Limited
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
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