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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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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
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