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