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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, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
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