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