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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
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- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
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