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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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Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
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- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- PTC India Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
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