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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, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Australian Coal Association
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
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