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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- PTC India Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
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