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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- White Energy Company Limited
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
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