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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
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