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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- PTC India Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
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