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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
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