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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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Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
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