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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, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Australian Coal Association
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
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