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