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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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Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
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