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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Planning Commission, India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
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