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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, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- PTC India Limited - India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
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