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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, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- VISA Power Limited - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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