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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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- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
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