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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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