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