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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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Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
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- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
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