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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Planning Commission, India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
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