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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Minerals Council of Australia
- The University of Queensland
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
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