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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- The University of Queensland
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- MS Steel International - UAE
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
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