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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
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