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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, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
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