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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, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Siam City Cement - Thailand
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
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