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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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Saturday, 06 June 20
KOREA SOUTH-EAST POWER CO INVITED COAL BIDS FOR MIN 5600 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 270,000 Tons (MT) min. 5600 NCV co ...
Friday, 05 June 20
COAL INDIA ESTIMATES PRODUCTION GROWTH BY OVERBURDEN REMOVAL - FINANCIAL EXPRESS
PSU miner Coal India (CIL) has now limited mining only to Overburden Removal (OBR) with falling demand of coal. The mining behemoth is now keeping ...
Friday, 05 June 20
U.S. SANCTIONS COMPLIANCE GUIDANCE RELEASED FOR THE GLOBAL MARITIME, ENERGY AND METALS SECTORS - AKIN GUMP
Key Points
On May 14, 2020, OFAC, the Department of State and the U.S. Coast Guard jointly released guidance for persons involved in the ma ...
Friday, 05 June 20
IN THE FIRST 5 MONTHS OF 2020 AUSTRALIA SHIPPED 6.8 MLN TONNES TO VIETNAM - BANCHERO COSTA
In the first 5 months of 2020, global seaborne coal trade declined by as much as -8% year-on-year, according to vessel tracking data from Ref ...
Thursday, 04 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
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