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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
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