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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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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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- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Planning Commission, India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
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