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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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- Interocean Group of Companies - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- The University of Queensland
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
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