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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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Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
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- PowerSource Philippines DevCo
- The University of Queensland
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
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