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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Australian Coal Association
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
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