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