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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, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
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- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
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