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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, 01 August 20
ASIA HOPE FOR LONG-TERM OIL DEMAND - BALTIC BRIEFING
Oil demand in Asia Pacific might be expected to plunge 1.8m barrels per day (bpd) this year, but there are still strong prospects for growth over t ...
Friday, 31 July 20
SHORT-TERM IMPACT ON THE CHEMICAL SHIPPING MARKET IF THE INDIA-CHINA DISPUTE ESCALATES - DREWRY
Due to the India-China dispute, the threat of deteriorating trade relations between the two countries has become real. Meanwhile, we expect freight ...
Friday, 31 July 20
PANAMAX: THE PERIOD MARKET REMAINS QUIET WITH FEW FIXTURES REPORTED - FEARNLEYS
Capesize
After weeks of dropping rates, there are finally some resistance for the Capes. Pacific rounds improving to upper15,000s by the middle ...
Friday, 31 July 20
PANDEMIC SENDING SOUTH AFRICAN COAL INDUSTRY TO EARLIER GRAVE - IEEFA
Could South Africa’s coal export industry, one of the largest in the world, be about to take a severe hit from the coronavirus?
...
Friday, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
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- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
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