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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, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
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- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
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