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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
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