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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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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- The University of Queensland
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Posco Energy - South Korea
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
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