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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, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- VISA Power Limited - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
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