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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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Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
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- Central Java Power - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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