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