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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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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Australian Coal Association
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