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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, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
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- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
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