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