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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, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
Tuesday, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
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- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Minerals Council of Australia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
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