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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, 18 September 20
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, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
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