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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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Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Planning Commission, India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Marubeni Corporation - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
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