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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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Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
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