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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
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