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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
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