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