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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, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
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