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