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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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- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Commonwealth Bank - Australia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
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