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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
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