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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Parry Sugars Refinery, India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
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