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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
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