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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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Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Planning Commission, India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- The University of Queensland
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
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