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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Planning Commission, India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
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