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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, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Thai Mozambique Logistica
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
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