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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
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