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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, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
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