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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, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
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