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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, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
Tuesday, 16 June 20
SHALE SHOCKED - WOOD MACKENZIE
Capturing shut-ins in real time
Oil markets are searching for balance as the world reflects on the impact of the COVID-19 pandemic. ...
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- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- PTC India Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- The University of Queensland
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
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