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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
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