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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
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