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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, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
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- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
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