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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Economic Council, Georgia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- The Treasury - Australian Government
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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