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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Posco Energy - South Korea
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Australian Coal Association
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
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