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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- The University of Queensland
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
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