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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- White Energy Company Limited
- PTC India Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Economic Council, Georgia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
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