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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, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
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- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
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