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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Central Java Power - Indonesia
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