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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- White Energy Company Limited
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
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