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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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Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- The University of Queensland
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
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