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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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Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
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