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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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Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
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- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- PTC India Limited - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
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