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