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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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- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Deloitte Consulting - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
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