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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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Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
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- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
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