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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- White Energy Company Limited
- VISA Power Limited - India
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