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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, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
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- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
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