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