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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, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
Tuesday, 24 March 20
THE TRIPLE SHOCK OF CORONAVIRUS IN SHIPPING: WILL IT LAST? - DREWRY
Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all ...
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- MS Steel International - UAE
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
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