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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
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