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