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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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Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
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- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Economic Council, Georgia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
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