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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Economic Council, Georgia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Australian Coal Association
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
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