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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, 25 May 20
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
Non-OPEC oil supply continued to increase by 2.0 mb/d in 2019, driven by US shale production, which rose by 1.7 mb/d, amounting to 84% of total non ...
Sunday, 24 May 20
A 63,000 FIXED DELIVERY VIETNAM TRIP VIA INDONESIA REDELIVERY KOSICHANG AT $8,500 - BALTIC BRIEFING
Capesize
After a week of bounce momentum the market appears to have stalled out once again. The Capesize 5TC has more than doubled since last F ...
Saturday, 23 May 20
COLOMBIA COAL OUTPUT DOWN 7.2% IN Q1 ON LOW PRICES, CORONAVIRUS LOCKDOWN - REUTERS
Coal production in Colombia, the world’s fifth-largest coal exporter, fell 7.2% in the first quarter because of low prices and coronavirus qu ...
Saturday, 23 May 20
EWP INVITES BIDS FOR 840,000 METRIC TONS OF MIN 5700 NAR COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd (EWP) has Issued an International Tender for total Max 840,000 Metric Tons of min 5 ...
Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
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- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Australian Coal Association
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
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