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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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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Parliament of New Zealand
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
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