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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, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
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- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
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