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