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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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Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Australian Coal Association
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
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