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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, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
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- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- White Energy Company Limited
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- The University of Queensland
- PTC India Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
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