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