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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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Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
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