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