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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, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
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- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- MS Steel International - UAE
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- The University of Queensland
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
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