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