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