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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
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