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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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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Independent Power Producers Association of India
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