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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, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
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