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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, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- The University of Queensland
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
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