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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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Friday, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- The University of Queensland
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
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