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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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- PTC India Limited - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
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