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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, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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