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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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Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
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- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Australian Coal Association
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Central Electricity Authority - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
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