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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, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- The University of Queensland
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
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