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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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Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
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