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