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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
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