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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
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