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