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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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- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
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