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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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Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
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