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