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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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Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
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- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
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