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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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Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
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- Chamber of Mines of South Africa
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- Australian Commodity Traders Exchange
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- Banpu Public Company Limited - Thailand
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- Goldman Sachs - Singapore
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- Australian Coal Association
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- Sojitz Corporation - Japan
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- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
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- Xindia Steels Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
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- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
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- Planning Commission, India
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- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
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- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
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- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
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- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
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- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- The University of Queensland
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
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