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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- MS Steel International - UAE
- PTC India Limited - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
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