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Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
 The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 countries which are nearing an agreement on commitments aimed at reducing pollutant emissions in commercial shipping as part of the international effort to tackle climate change. Since 2018, ongoing negotiations have materialized under the umbrella of the UN and the International Maritime Organization (IMO), which have been primarily aimed at finding a common ground on how shipping as a whole will reduce its GHG and toxic emissions. From containers to tankers, the industry is in search of a way forward which will encompass a level playing field for all involved stakeholders.
Currently, the main area of conflict among negotiators is the method and severity via which sanctions will be imposed in the event(s) of non-compliance to established and agreed emission benchmarks. European countries believe that the most environmentally harmful ships should be withdrawn by 2029 if they are unable to comply with all emission standards set forth. Other countries, such as China and Japan, consider Europe's proposals to be too strict and recommend mechanisms for imposing fines or sanctions in the event of non-compliance with environmental regulations.
On the other hand, organizations such as the MEPC are seeking to and advocating for the imposition of even more stringent measures than the current ones. This is because they believe that shipping emissions will continue to rise in the coming years. The elevated market and investment uncertainty caused by looming regulatory restrictions coupled with the COVID-19 pandemic have significantly slowed down global seaborne trade. According to the IESC report, the pace of international economic activity remained sluggish throughout 2019, but in 2020 the data changed dramatically due to the COVID-19 epidemic. The World Trade Organization (WTO) predicts that global trade is expected to decrease by approximately 20% in 2020. Many shipping sectors have been faced with a sudden and sharp drop in demand, which in turn has significantly affected fares and revenues. In the dry bulk sector, average daily revenues between January and April 2020, compared to 2019, were lowered by more than 85%, 40% and 35% for Capesize, Panamax and Supramax vessels respectively.
Lockdowns in Europe and North America have had a significant impact on employment rates. The International Monetary Fund has announced that the COVID-19 pandemic will likely push the global economy into a worse recession than that of the 1930s and is warning that the prospects for a global recovery are extremely uncertain. The downturn in shipping is projected to last for more than a year and shipping activity is not expected to improve in the coming months. Given that shipping is a global industry, the decrease in its performance is also due to the fact that much of its active is in the southern hemisphere, where major raw material exporting countries, such as Brazil, are being significantly and adversely affected by the COVID-19 Pandemic. It remains to be seen whether the potential release of a new vaccine in the coming winter months will spark the commencement of a recovery phase in the maritime sector. Moreover, it will be interesting to see whether and to what extent the imposition of more rigorous emission regulations will affect the industry’s much needed recovery.
By Zisis Stylianos
SnP Broker
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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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- PTC India Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
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