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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
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