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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
...
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- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- The University of Queensland
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Central Java Power - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
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