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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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- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- The Treasury - Australian Government
- PTC India Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
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