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