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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
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