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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, 02 June 20
THE HISTORIC DECLINE OF US COAL - WOOD MACKENZIE
The first commercial power plant in the US was Thomas Edison’s coal-fired Pearl Street station in lower Manhattan, which started operating in ...
Tuesday, 02 June 20
COAL INDIA'S MAY SALES DRIVEN SHARPLY LOWER BY SLUMP IN POWER DEMAND - REUTER
Coal India’s sales fell 23.3% in May as utilities refrained from purchases amid record stockpiles and tepid demand because of a nationwide lo ...
Tuesday, 02 June 20
TUAH TURANGGA AGUNG RECORDED 4.54 MILLION TONS OF COAL SALES IN THE FIRST FOUR MONTHS OF 2020
PT United Tractors Tbk through its subsidiary, PT Tuah Turangga Agung recorded 4.54 million tons of coal sales in the first four months of 2020, up ...
Tuesday, 02 June 20
SOURING SINO-AUSTRALIA TRADE RELATIONS - BALTIC EXCHANGE
Cooling relations between the commodity powerhouses of China and Australia may point to trade troubles ahead when the world emerges from the Covid- ...
Tuesday, 02 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.86 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.95 points Monday, down 0.86 percent week on week.
The index, released by Chi ...
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- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Planning Commission, India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
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