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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, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
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- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
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- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
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- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
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- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
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- Australian Commodity Traders Exchange
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- McConnell Dowell - Australia
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- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
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- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
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- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
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- Price Waterhouse Coopers - Russia
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- New Zealand Coal & Carbon
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- PTC India Limited - India
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- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
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- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Australian Coal Association
- Marubeni Corporation - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
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- Cigading International Bulk Terminal - Indonesia
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- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Central Java Power - Indonesia
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- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
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