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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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Tuesday, 23 June 20
COVID-19 COULD CAUSE A BOOM IN COAL POWER - RYSTAD ENERGY | OILPRICE
COVID-19 has not only impacted the energy industry’s revenues but also its infrastructure development.
The delay of new natural gas ...
Tuesday, 23 June 20
CHINA'S COAL OUTPUT UP 0.9 PCT IN JANUARY-MAY: XINHUA
Output of raw coal in China rose 0.9 percent year on year to 1.47 billion tonnes in the first five months of this year, official data showed.
& ...
Monday, 22 June 20
KAMSARMAX TYPES REGULARLY HIT THE $9,000 PER DAY LEVEL FOR INDONESIAN COAL RUN TO CHINA, BALTIC BRIEFING SAYS
Capesize
The Capesize market trajectory this week has been one of the steepest rallies the sector has experienced. Opening at $12,410, the sect ...
Saturday, 20 June 20
WORLD OIL DEMAND IS PROJECTED TO DECREASE BY 9.1 MB/D IN 2020 - OPEC
Crude Oil Price Movements
Spot crude oil prices rebounded in May from low levels registered a month earlier, as physical market fundamentals im ...
Saturday, 20 June 20
NO ESCAPING GLOBAL TRADE SLUMP - BALTIC EXCHANGE
Those hoping for a decent recovery in trade in the second half of the year should prepare for disappointment.
New data from the Unit ...
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- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
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