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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 European countries believe that the most environmentally harmful ships should be withdrawn by 2029 if they are unable to comply with all emission standards set forth.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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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
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