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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
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