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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
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