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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Planning Commission, India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Latin American Coal - Colombia
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