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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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Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
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- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- The University of Queensland
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
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