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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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Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
Wednesday, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
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- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Planning Commission, India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
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