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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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Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
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- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
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