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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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Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
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- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Siam City Cement - Thailand
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Planning Commission, India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
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