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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, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
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- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Parliament of New Zealand
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
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