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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, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- The University of Queensland
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
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