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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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Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- MS Steel International - UAE
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
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