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