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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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Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
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