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