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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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Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
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- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
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