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