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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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Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- The University of Queensland
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
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