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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
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