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