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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Agrawal Coal Company - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
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