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