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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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Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
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