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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
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