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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, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
Friday, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
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- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- The University of Queensland
- Edison Trading Spa - Italy
- Minerals Council of Australia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
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