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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- The University of Queensland
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
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