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Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
 Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% in 2022), which is way below the 10-year average growth of 3.6%. While new orders are not coming in fast enough to halt the trend of an ageing fleet, the introduction of EEXI, CII and EU ETS at the beginning of 2023, has resulted in a record of 61% of newbuild orders being alternative fuelled.
According to our data, tanker fleet renewal remains muted across 1H22. Overall, 31 vessels have been ordered within 2022 in the wet sector (with the orderbook standing at 5% of fleet capacity), of which 1 is methanol & ammonia ready, 1 is methanol fuelled, 2 are battery powered and 2 are LNG fuelled. With risks to the tanker demand still prevailing on the back of macroeconomic factors and high oil prices, the tanker market has witnessed significantly improved conditions in recent months, underpinned by shifts in trade patterns resulting in tonne-mile increase. Low stocks, paired with high refinery margins are expected to further boost trade growth in seaborne volumes and tonne-miles and contribute to the revival of an ageing fleet.
On the dry front, contracting activity hit low levels, partly on the back of uncertainty over decarbonization trends. Current orderbook stands at 7% of the fleet capacity, marking a 30-year low, which suggests a very limited growth capacity. According to our records, 85 bulkers have been ordered during 1H22, of which 5 are LNG fuelled or dual-fuelled, 3 being ammonia-ready/fuelled and 25 meeting EEDI phase 3 standards. Overall, 14 % of the total orderbook are alternative fuel capable, with Capesize segment leading the decarbonization pathway.
On the container front, however, the market sentiment is bullish with an orderbook at 28% of the fleet capacity. Amid disruptions to the world trade caused by the pandemic and a shortage of new vessels, freights have been rallying and therefore, fuelling owners’ appetite for boxhsips, which has prevailed during 1H22. More specifically, out of the total of 295 vessels ordered, 57 are dual-fuelled and LNG fuelled, 32 are methanol and ammonia-ready, while 31 meet EEDI phase 3 standards.
Newbuilding ordering activity has further been supported by the recent spree in LNG contracts. According to our data, contracting activity in the sector hit record highs with a total of 112 new vessels ordered within 2022, boosting the orderbook to 37% of the fleet capacity. Berths for the Qatar LNG project are monopolizing the owners’ interest, providing further support to the market. Out of the total of 112 vessels, 32 are booked for the Qatari project and 6 of them are dual or LNG-fuelled. Further supported by growth in LNG tonne-mile trade on the back of the sanctions on Russian gas from EU/US, and the recently announced plan for expansion of Qatar’s mega-plant and Cheniere’s Corpus Chritsti plant, market sentiment for LNG contracting activity remains firm.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Parliament of New Zealand
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
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