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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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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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- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
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