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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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Wednesday, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
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