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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- CNBM International Corporation - China
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Bhatia International Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
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