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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Posco Energy - South Korea
- PTC India Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
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