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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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