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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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Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
Thursday, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
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- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- The University of Queensland
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Australian Coal Association
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
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