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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Parliament of New Zealand
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Australian Coal Association
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
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