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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, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
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- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
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