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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, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- The University of Queensland
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
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