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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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Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
Tuesday, 07 July 20
WHAT DOES THE PATHWAY TO A NET-ZERO ECONOMY LOOK LIKE FOR MINERS? - WOOD MACKENZIE
Wind, solar, electric vehicles, stationary storage and transmission are all central to achieving the Paris Agreement decarbonisation goals.
&nb ...
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- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
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