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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
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