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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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