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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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Monday, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
Wednesday, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
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- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
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