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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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- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- White Energy Company Limited
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
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