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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Minerals Council of Australia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
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