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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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Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
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