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