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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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Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
Wednesday, 07 December 22
INDIA'S STEEL MINISTRY SEEKS IMPORT TAX WAIVER FOR COKING COAL - SOURCES REUTERS REPORTED
India’s steel ministry has asked the finance ministry for a waiver of import tax on coking coal among a slew of raw materials, as it scramble ...
Tuesday, 06 December 22
INDIA'S COAL PRODUCTION RISES 17% IN APR-NOV PERIOD - PTI
The country’s coal production increased 17 per cent to 524.20 million tonnes in the April-November period of the ongoing fiscal.
...
Tuesday, 06 December 22
INDONESIA AIMS TO STARTS COLLECTING COAL LEVY IN Q1 2023 - MINISTER, REUTERS REPORTED
Indonesia aims to establish a coal fund agency and start collecting a coal levy in the first quarter next year, to help ensure supply security for ...
Saturday, 03 December 22
COMPLEX RUSSIAN PRICE CAP MAKES MARITIME VISIBILITY A MUST - WINDWARD
Many commentators and analysts are speculating about the potential impact the Russian seaborne oil price cap will have on organizations and entitie ...
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- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Siam City Cement - Thailand
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