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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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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Siam City Cement - Thailand
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
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