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