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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, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Planning Commission, India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
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