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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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Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
Wednesday, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
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- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
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