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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, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Central Electricity Authority - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- VISA Power Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
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