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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, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
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- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
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