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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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Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
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- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Central Electricity Authority - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
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