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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, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
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- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Minerals Council of Australia
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