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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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Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
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- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Australian Coal Association
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
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