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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, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
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