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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, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
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