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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, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
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