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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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- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
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