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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Australian Coal Association
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
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