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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Australian Coal Association
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
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