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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
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