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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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Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
Wednesday, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
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- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
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