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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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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- The University of Queensland
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
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