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Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
 The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 countries which are nearing an agreement on commitments aimed at reducing pollutant emissions in commercial shipping as part of the international effort to tackle climate change. Since 2018, ongoing negotiations have materialized under the umbrella of the UN and the International Maritime Organization (IMO), which have been primarily aimed at finding a common ground on how shipping as a whole will reduce its GHG and toxic emissions. From containers to tankers, the industry is in search of a way forward which will encompass a level playing field for all involved stakeholders.
Currently, the main area of conflict among negotiators is the method and severity via which sanctions will be imposed in the event(s) of non-compliance to established and agreed emission benchmarks. European countries believe that the most environmentally harmful ships should be withdrawn by 2029 if they are unable to comply with all emission standards set forth. Other countries, such as China and Japan, consider Europe's proposals to be too strict and recommend mechanisms for imposing fines or sanctions in the event of non-compliance with environmental regulations.
On the other hand, organizations such as the MEPC are seeking to and advocating for the imposition of even more stringent measures than the current ones. This is because they believe that shipping emissions will continue to rise in the coming years. The elevated market and investment uncertainty caused by looming regulatory restrictions coupled with the COVID-19 pandemic have significantly slowed down global seaborne trade. According to the IESC report, the pace of international economic activity remained sluggish throughout 2019, but in 2020 the data changed dramatically due to the COVID-19 epidemic. The World Trade Organization (WTO) predicts that global trade is expected to decrease by approximately 20% in 2020. Many shipping sectors have been faced with a sudden and sharp drop in demand, which in turn has significantly affected fares and revenues. In the dry bulk sector, average daily revenues between January and April 2020, compared to 2019, were lowered by more than 85%, 40% and 35% for Capesize, Panamax and Supramax vessels respectively.
Lockdowns in Europe and North America have had a significant impact on employment rates. The International Monetary Fund has announced that the COVID-19 pandemic will likely push the global economy into a worse recession than that of the 1930s and is warning that the prospects for a global recovery are extremely uncertain. The downturn in shipping is projected to last for more than a year and shipping activity is not expected to improve in the coming months. Given that shipping is a global industry, the decrease in its performance is also due to the fact that much of its active is in the southern hemisphere, where major raw material exporting countries, such as Brazil, are being significantly and adversely affected by the COVID-19 Pandemic. It remains to be seen whether the potential release of a new vaccine in the coming winter months will spark the commencement of a recovery phase in the maritime sector. Moreover, it will be interesting to see whether and to what extent the imposition of more rigorous emission regulations will affect the industry’s much needed recovery.
By Zisis Stylianos
SnP Broker
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, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- MS Steel International - UAE
- Deloitte Consulting - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
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