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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 European countries believe that the most environmentally harmful ships should be withdrawn by 2029 if they are unable to comply with all emission standards set forth.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, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- The University of Queensland
- Sakthi Sugars Limited - India
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