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