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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, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
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