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