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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 European countries believe that the most environmentally harmful ships should be withdrawn by 2029 if they are unable to comply with all emission standards set forth.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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Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
Monday, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
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- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
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