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