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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, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
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