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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, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
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- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- VISA Power Limited - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
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