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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Australian Coal Association
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
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