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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, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
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