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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
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