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