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Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
 In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and developing countries continue to fall behind due to shortages of anti-crown vaccines. The bank raised its forecast by 1.5 points to 5.6% for global growth in 2021 with China touching 8.5% and the US at 6.8%.
Europe has been lagging the stimulus momentum of the US, but recently they made a decisive step with the European Central Bank President Christine Lagarde advising investors to prepare for a new guidance on monetary support in 10 days and heralded the possibility of new measures for next year to support the eurozone economy after the current bond emergency program expires. Speaking on Bloomberg TV, just days after the ECB raised its inflation target to 2%, Lagarde said there would be some interesting changes.
The West has been a major driver of demand for containers trade so far in 2021. Supply chain bottlenecks have sent shipping costs at record high levels on containers with bulkers following with freight rates reaching more than decade highs. The shortage of raw materials has pushed up prices and importers are raising the cost of goods, fueling fears of an inflationary spiral.
As freight rates have skyrocketed, containers orderbook has increased sharply at approx. 21% of the fleet, the highest level since Q4 2015, while the SnP activity on the sector has increased to the highest level ever recorded for 1H – with more than 300 transactions recorded. Despite the increase in transactions and the 100% to 200% spike in asset values particularly for intermediate TEU units since the beginning of the year, the market consensus is that there is more room to go. Until more vessels’ supply hits the market from 2023 onwards and/ or when current shortages rebalance with demand normalizing, it looks like container owners have an extended runway to take advantage of the upside.
Depending on the trade growth scenario over the next years, fleet additions across shipping sectors are expected to rise accordingly and dictate the pace of asset values evolution amongst other factors.
The BIMCO ICS Seafarer Workforce 2021 report has elaborated on 3 commercial fleet development scenarios, with low, stable and higher growth. In the low growth scenario, there will be an average of 567 ships entering the fleet each year, a significant decrease from the average of 955 ships in the baseline scenario. In a scenario of stable growth, the fleet will grow at a slower pace and is expected to have a compound annual growth rate (CAGR) of 0.75%. If world trade is better, the global fleet is expected to exceed 80,000 ships in 2025, with an annual growth rate of 1.75%. BIMCO says the course of the fleet also depends on the course of world trade.
By Zisis Stylianos,
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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.
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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