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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, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
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- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
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