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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Planning Commission, India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
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