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Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the global social and economic effects of Covid-19 pandemic during the first half of 2020.
The newbuilding sector has been rather discouraging in terms of its activity levels over the past summer lull period of time. Over the past summer months, the asset investment decision between purchasing a newbuilding versus a modern secondhand dry bulk vessel has been illustrated. Owners are inclined to choose respective modern ships owing to the lucrative price discounts on display over pricey, time and capital intensive newbuildings. Both vessel investments do not differ significantly in terms of operational efficiencies. Sectoral newbuilding analysis has shown that dry bulk vessel orders remained at significant lows over the past summer months whereas tanker candidates (especially MR and clean product vessels) monopolized the global vessel orderbook with volumes however being at low levels.
Owners are not able to pin down their future green fleet-composition strategies adding an extra burden on shipyards which are already struggling to stay afloat during the pandemic. The shipping industry’s “divided” view on the commercial and long-term implementation feasibility of eco-friendliness and sustainability is causing concern and investment ambiguity. The key rationale behind this uncertainty is that there is a need to promote decarbonization in shipping by reducing its carbon footprint. This will be achieved through the further digitization of vessels and their navigation technologies. Current eco-friendly alternatives in shipping include LNG-fueled vessels & carrier of ammonia, alternative propulsion fuels and batteries. The path towards greener shipping is non-trivial and most definitely non-obvious. Therefore, this cloud of uncertainty regarding eco-friendliness has adversely impacted newbuilding orders.
This widespread scepticism is more than justified when taking the example of scrubbers into consideration. Up to now scrubber installations have simultaneously seen a decent amount of praise and criticism. Scrubbers have not yet been proven to be environmentally friendly and their exact effects on the environment remain to be seen. In the end of 2019, the low Sulphur to high Sulphur fuel oil price differential was over $350/ton, which rendered the decision to install scrubbers an intuitive one. However, with the differential falling to below half the aforementioned value, scrubber adoptions have seen a rapid cessation, and this has adversely impacted the respective investor sentiment for eco-friendly newbuildings further.
The last quarter of the year is ahead us, however the economic fundamentals remain weak and poised towards a bleak year over year newbuilding orderbook. The soft freight market activity in both the dry bulk and tanker sector coupled with the aforementioned necessity for environmentally friendly adoptions have pushed potential newbuilding investors to the sidelines. This new reality, has intensified the competition among shipyards for the less available newbuilding order market share. Nonetheless, in every crisis there is always a story silver lining which in the newbuilding front is depicted by the smiles of owners who are destined to see a substantial overall fleet supply decrease with the current year contracting activity being analogous to the 2017 very low levels.
By Yiannis Parganas
Market Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Posco Energy - South Korea
- PTC India Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Economic Council, Georgia
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
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