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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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Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
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- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- The University of Queensland
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
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