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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, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- PTC India Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
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