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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
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