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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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Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
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