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