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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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Monday, 01 June 20
SUPRAMAX: IN SOUTH EAST ASIA RATES TRADED SIDEWAYS - BALTIC BRIEFING
Capesize
A sober end to the week, with the market seemingly ready for the weekend. After a steady week of rate declines a small flurry of Atlan ...
Friday, 29 May 20
COVID-19: COAL SUPPLY BY CIL TO POWER SECTOR DIPS 22% TO 32 MT IN APRIL DUE TO DEMAND SLUMP - PTI
Over 95% of CIL’s production comes from its 171 open cast mines.
The supply of coal to the power sector by state-owned Coal In ...
Friday, 29 May 20
AUSTRALIA'S NEW HOPE WARNS OF HIT FROM COAL PRICE SLUMP - REUTERS
Australia’s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from its Queensland operations woul ...
Friday, 29 May 20
GOVT MAY LAUNCH COAL BLOCKS AUCTION PROCESS UNDER COMMERCIAL MINING ON JUN 11 - PTI
The Centre is likely to launch the process of coal blocks auction under commercial mining on June 11 and around 50 mines are expected to go under t ...
Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
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- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
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