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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indian Energy Exchange, India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
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