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