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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, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
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- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
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