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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Economic Council, Georgia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Australian Coal Association
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
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