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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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Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
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- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Tamil Nadu electricity Board
- Minerals Council of Australia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Economic Council, Georgia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
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