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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, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
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