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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- The University of Queensland
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
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