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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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Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
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- Posco Energy - South Korea
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
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