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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, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
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- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- PTC India Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
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