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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Australian Coal Association
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
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