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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Planning Commission, India
- Australian Coal Association
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
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