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