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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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Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Australian Coal Association
- SMG Consultants - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Economic Council, Georgia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
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